Today’s news in brief – 18/12/24

Azzurri Group has seen profits rise from £21.3m to £41.9m in FY24, amid a year of “strong financial performance and transactional strategic progress. The Zizzi owner reported that revenues rose by 185 to £303.1m, while EBITDA more than doubled to £32.1m. It also acquired the UK&I master franchise rights for Dave’s Hot Chicken, with plans to open up to 60 UK sites. 

Hospitality groups saw year-on-year sales rise 2.7% in November, with like-for-like figures found to be “marginally” above Britain’s rate of inflation. This marks the sector’s first real-terms growth since June. According to CGA and RSM, these findings provide “cautious optimism” that consumers are prepared to spend more in restaurants, pubs and bars over Christmas and New Year.  

Inflation has risen for the second month in a row, according to the ONS, to 2.6% in November – up from 2.3% in the previous month. This marks the highest level of inflation in eight months. The ONS said that the main drivers behind the rise were fuel and clothing, where prices rose this year but fell a year ago. Overall prices in the recreation and culture division rose by 3.6% in the year to November, up from 3.1% in the year to October.

Insolvencies in the accommodation and F&B sector were down 24% in October, according to RSM findings, from a high of 332 in October 2023 to 253 in the same month this year. In addition, insolvencies in the sector saw another month-on-month decrease from 261 in September 2024 to 253 October 2024. However, RSM partner Saxon Moseley pointed out that the sector is bracing for a number of economic headwinds due to the autumn budget.